UPDATED: John Malone’s company will give Wall Street a lot to talk about today. Shares in Liberty-controlled Sirius XM are already up about 2% in pre-market trading after it said that it will add $2B to its share repurchase program, which will include a buy-back of $500M worth of Liberty’s stake. That will leave the media holding company with 52% of the satellite radio service. In addition to that deal, Liberty says it recently completed a transaction to recover 6.3M of its shares that Comcast held. In return for its stock, the cable giant picked up Leisure Arts Inc, $417M in cash, and Liberty’s rights to a revenue-sharing deal with CNBC. Liberty also says that it will sell $500M in debt to help it pay off what it calls “privately negotiated cash convertible note hedge and warrant transactions.” It warns that the process of unwinding those deals “could have the effect of decreasing the trading price” of Liberty’s stock. In addition to all that, Liberty Interactive — a separate company that Malone controls — said that it will create a tracking stock for QVC (along with its 38% interest in HSN), and spin off its 57% voting stake in TripAdvisor. The new company will be called — what else? — Liberty TripAdvisor Holdings. The transactions are complicated and expected to be tax-free — characteristics of most Malone deals. Investors will hear more about these and other matters at an annual briefing today where execs from Liberty, Sirius XM and Charter Communications are scheduled to speak.
Liberty Media Unveils Deals With Sirius XM and Comcast Ahead Of Investor Meeting
What's Hot on Deadline
'The Good Place's Jameela Jamil Blames Porn And Music Videos For Consent Issues Following Aziz Ansari Allegations
Two More Sexual Misconduct Allegations Against Stunt Coordinator Joel Kramer Include One Involving 10th Grade Girl
Eliza Dushku's Former Agent & A Friend Confirm Her Sexual Assault Story On 'True Lies' Set: "Nobody Really Did Anything"
Aziz Ansari Allegations Open New Chapter in #MeToo Movement, Ansari Responds "I Took Her Words to Heart"
Arnold Schwarzenegger "Shocked" About Eliza Dushku's 'True Lies' Allegations, Calls Her "So Courageous"
'True Lies' Stuntman Joel Kramer Dropped By Talent Agency After Eliza Dushku Accused Him Of Sexual Assault
Leah Remini Hints Scientology Behind Paul Haggis Claims; Church Slams "Reprehensible Smokescreen" - Update
Latest Business News
- PBS Announces Five-Part Series On #MeToo Movement Debuting February 2
- Saudi Arabia Fund Eyeing Endeavor Stake; May Invest $500M+ In WME Parent
- New York Film & TV Workers Protest During MLK Day With Rev. Al Sharpton & Top Empire State Pols
- Shorty Awards Nominees: Tiffany Haddish, Lena Waithe Among Those Recognized For Social Media Excellence
- Ben Silverman & Howard T Owens’ Propagate Gets Backing From Raine Group
- Timothee Chalamet Donates Salary From Woody Allen Film To Time’s Up, RAINN